There is a newer version of the Kentucky Revised Statutes
2009 Kentucky Revised Statutes
Subtitle 3. Banks and Trust Companies
286.3.740 Finance charges -- Rate.
Download pdfreceive and collect a finance charge pursuant to a revolving credit plan in an amount not
in excess of one and three-fourths percent (1.75%) per month of either the average daily
unpaid balance of the debtor's account under such plan during the billing cycle, or of the
unpaid balance of such account on the same day of each billing cycle. If the billing cycle
is other than monthly, the maximum finance charge for such billing cycle shall be the
percentage which bears the same relation to one and three-fourths percent (1.75%) as the
number of days in the billing cycle bears to thirty (30). A variation of not more than four
(4) days from billing cycle to billing cycle shall be deemed "the same day of each billing
cycle." Effective: July 13, 1984
Formerly codified as KRS 287.740.
History: Amended 1984 Ky. Acts ch. 349, sec. 3, effective July 13, 1984. -- Created 1972 Ky. Acts ch. 207, sec. 4. Legislative Research Commission Note (7/12/2006). In accordance with 2006 Ky. Acts ch. 247, secs. 38 and 39, this statute has been renumbered as a section of the
Kentucky Financial Services Code, KRS Chapter 286.
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